Book list: The books a bunch of finance luminaries recommend from 2015 including Rise of the Robots by Martin Ford.  (Bloomberg)

Quote of the Day

"The bottom line is that, while low grade corporate bonds almost always blow out on the cusp of of early stages of a recession, the converse is not true. You can have a junk bond blowout without triggering or indicating a recession."


Chart of the Day

2015 has been an unusual year for high yield because such poor returns usually only occur in recessions.